What med students need to know about the business of medicine

The business of medicine involves “balancing the art, science and business side of medicine, whether you run your own practice or work for a hospital,” according to OMED23 speaker Reagan Anderson, DO.

As cofounder of Rx for The Business of Medicine as well as a former U.S. Marine Corps first reconnaissance battalion surgeon, Dr. Anderson spoke at OMED about creating a personal development plan, homing in on a positive mindset and knowing the business fundamentals necessary to navigate bureaucratic tasks. His talk, and all other OMED content, are available virtually through Dec. 31, 2023, on the OMED platform.

“Physicians often have the mindset that they entered medical school to care for people, not deal with financial, insurance, contractual and administrative challenges or keeping the lights on,” said Dr. Anderson. “However, if you neglect these aspects, you could get taken advantage of, or not be compensated fairly for your hard work. Therefore, it is important to have a basic understanding of these areas.”

Dr. Anderson started his talk by covering how to home in on your mindset, and focusing it on the areas that will best help you grow. In time, he said, what you focus on will grow—whether that’s gratitude, health, love, etc. Your mindset is everything.

“Why not be grateful for what you have in life and the knowledge to learn?” said Dr. Anderson. “When you use that to find what makes you tick, you can add value to others and get value back.”

Dr. Anderson also discussed how to use your mindset to create your own personal development plan (PDP). He suggests creating your PDP as a way to help you stay focused and motivated in achieving your personal goals. It should be customized to your specific needs and desires and should be updated on a regular basis to reflect your current progress. Dr. Anderson guides listeners on key elements that can be used to develop PDPs, along with critical business essentials to help them stay on their path and feel confident in knowing what they need to do in any situation.

“Give yourself 20-30 minutes every week and write notes,” said Dr. Anderson. “So when the time comes, you can pull up the notes and say, ‘Yes, this is what I need to do.’ If you don’t know what to do, it can hurt your patients or loved ones. Have the right mindset and stay grateful.”  

Access Dr. Anderson’s talk and all other OMED content on-demand on the OMED platform through Dec. 31, 2023.